Regulating under the radar: EU official export credit support

There are now over 100 national export credit agencies, delivering approximately $215 billion in official export support to domestic firms’ exports of goods, services, and investments. This column argues that governments have a collective interest in revamping the rules to prevent an export credit subsidy war and a race to the bottom in terms and conditions. This could be done through the International Working Group on Export Credits and also by the European Commission setting a gold standard by more rigorously evaluating longer-term export credit activity.